Tax rate information according to the Duties Act 2000.
General insurance policies
10% of the gross premium received is payable by the insurance company.
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Business insurance contracts
Duty on premiums paid in relation to contracts of business insurance is 9% from 1 July 2024 - 30 June 2025.
The rate of duty for a contract of business insurance is determined by reference to the date the contract of business insurance is effected or renewed, not the date when the premium in relation to the contract is paid.
There will be a reduction of 1% per annum to the rate of insurance duty from 1 July each year until it is abolished from 1 July 2033.
